Commitment Fee
Definition of "Commitment fee"
Charge by the lender to keep credit available to the potential borrower. Once the loan is made, interest is charged on the amount borrowed. Real estate businesses often need money available for land development and building construction. Typically, the bank will charge a commitment fee on those funds.
Popular Real Estate Terms
Fee charged by a mortgage lender to a buyer, seller or both for transferring a mortgage when the mortgage property is sold. ...
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Space just below the roof of a house, barn, or other structure. Upper story of a factory or warehouse. ...
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Window normally mounted on hinges in a window casing. It swings outward to open. ...
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